$ 7,995,000
5406 Lexington AVE Los Angeles, CA 90029
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$ 7,995,000
Est. payment /mo
Active
5406 Lexington AVE Los Angeles, CA 90029
8 Beds
42 Baths
25,048 SqFt
UPDATED:
09/30/2024 06:41 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 25,048 sqft
Price per Sqft $319
MLS Listing ID 24408305
Bedrooms 8
HOA Y/N No
Year Built 1928
Lot Size 0.280 Acres
Property Description
5406 Lexington Ave is a 42-unit multifamily investment opportunity located just off of the 101 Freeway between Fountain Ave & Santa Monica Blvd in Hollywood. The property features a unit mix of 34 singles and 8 one-bedrooms; three singles will be delivered vacant; renovated units include new cabinetry, vinyl-plank flooring, stainless-steel appliances, tile bathrooms, new paint, and wall AC's; ownership has spent $447k on interior unit renovations since 2021; many of the units also feature exposed brick. Additionally, the property includes the adjacent 4,687 SF lot currently used for parking; there are 14 parking spaces in the gated lot. At the asking price, the property is being offered at a 5.54% CAP rate at 10.39 GRM on current income with an additional 14% rental upside achievable as units turn through continued interior renovations. There is significant additional income with RUBS in place, as well as internet service. The property has a secured, gated entrance with intercom access. High Walk Score of 91, the property is walking distance to the Metro B Rail Line, and multiple Metro Local Lines along Fountain Ave and Santa Monica Blvd. The property is ideally located with a short commute to Koreatown, Los Feliz, Silver Lake, Echo Park, and Downtown Los Angeles. APNs: 5537-006-002 &5537-006-001
Location
State CA
County Los Angeles
Area C20 - Hollywood
Zoning LAR4
Interior
Heating None
Cooling None
Fireplace No
Exterior
Attached Garage No
Building
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5537006002
Special Listing Condition Standard
Listed by Neema Ahadian • Marcus & Millichap